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Subsequent Events
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Unsecured Debt
On January 31, 2025, we issued $500 million of 6.50 percent unsecured Senior Notes due January 31, 2030.
On February 18, 2025, we redeemed $500 million of the 4.20 percent unsecured Senior Notes due October 29, 2025. The Senior Notes were redeemed at 100 percent of their principal amount, plus the accrued and unpaid interest thereon through the redemption date. As a result of the redemption, we will recognize a loss of approximately $1 million on the transaction in the first-quarter 2025 consolidated statements of income.
2025 Loan Sales
On February 6, 2025, we sold approximately $2.0 billion of our Private Education Loans, including $1.8 billion in principal, $163 million in capitalized interest and $10 million in accrued interest, to an unaffiliated third party. The gain on sale of loans sold expressed as a percentage was in the high single-digits and will be recognized in the first-quarter 2025 consolidated statements of income. The transaction qualified for sale treatment and removed the balance of the loans from our balance sheet on the settlement date. We will continue to service these loans pursuant to the terms of the applicable transaction documents.